PRESS RELEASE Update regarding operational incident at TiZir (a 50% Eramet subsidiary) in Norway on 5 August 2016
Reference is made to the announcements dated August 16th, September 22nd and October 24th 2016 regarding the incident that occurred at the TiZir ilmenite upgrading facility in Tyssedal, Norway.
The relining of the furnace and preparation for return to operation proceeds according to plan. TiZir expects to commence production mid-January 2017 with a ramping up over 4 weeks.
TiZir has agreed with its insurance company on a full and final settlement of NOK 305 million (USD 35 million).
alloying metals, particularly manganese and nickel, used to improve the properties of steel,
high-performance special steels and alloys used in industries such as aerospace, power generation and tooling.
Eramet is also developing high growth potential activities, such as mineral sands (titanium dioxide and zirconium), lithium and recycling.
The Group employs approximately 14,000 people in 20 countries.
ABOUT TiZir TiZir Limited is a 50/50 joint-venture between Eramet and Mineral Deposits Ltd. (Australia). TiZir Limited owns 90% of the Grande Côte Operations Mineral Sands deposit in Senegal, and 100% of the ilmenite upgrading facility TiZir Titanium & Iron, in Tyssedal, Norway.
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Update regarding operational incident at TiZir in Norway
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Groupe Eramet via Globenewswire
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